Cryptocurrencies Part 3 - Understanding smart contracts

This publication introduces smart contracts, a new instrument which is deployed on a distributed ledger technology (DLT) such as a blockchain. Smart contracts, as well as the DLT, are currently in early stages. As a result, processes related to smart contracts and the DLT will evolve over time. Entities who participate in smart contract transactions need to continually update their knowledge and where necessary, seek assistance from service providers with relevant knowledge and experience.